Recession over, Bank of Canada says

[Dave From Canada]

Some good news.

Gross domestic product will expand at an annual rate of 1.3 per cent this quarter, compared with an earlier forecast for a contraction of 1 per cent between July and September, the central bank said in its latest monetary policy report.

The dramatic shift is the result of stronger financial conditions, surprisingly high consumer and business confidence and a first-half contraction that was less severe than the economic catastrophe the central bank was bracing for when it last published its views on the economy in April.

If the bank's new forecast proves correct, Canada's first recession since the early 1990s lasted three quarters, making it one of the shortest downturns on record.

http://www.theglobeandmail.com/report-on-business/recession-over-growth-resumes-bank-of-canada/article1228484/

[HeresyLives]

1. The BOC is crazy.

[Dave From Canada]

2. I guess we'll find out over the next few months.

[daleo]

3. Unemployment will continue to increase, and be high for years

High unemployment persisted for several years after the 1980's and 1990's recessions were technically over.